DES MOINES, IOWA – Douglas Terrace Inc., advised by Des Moines-based CB Richard Ellis/Hubbell Commercial, has sold the Douglas Terrace Apartments to Ames Properties for $1.7 million. The multifamily property, located at 3120 Douglas Ave. in Des Moines, contains 72 units and was built in 1977. CB Richard Ellis’ Rick Krause advised the seller in the transaction.
NEW YORK CITY – The Visionaire, a multifamily property located in New York City, has received the LEED-Platinum certification. It is the only one on the East Coast to receive this rating and is one of the greenest residential projects in the United States. Located in Manhattan’s Battery Park City, the 35-story condominium tower features a high-efficiency air filtration system that conditions, filters and supplies fresh air to each home; a water treatment system that recycles water and provides make-up water for the HVAC cooling system tower; and building-integrated solar panels that harvest a portion of the building’s electric load. The complex was completed in 2008 and contains 247 homes. The project architect was SLCE, and the design architect was Pelli Clarke Pelli. The developers for the project were The Albanese Organization and Starwood Capital.
LEWISVILLE AND SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of two Texas properties. The first is Huntington Circle, a 126-unit, Class B apartment property located at 409 West Round Grove Rd. in Lewisville. It includes a new roof and a mix of one-, two- and three-bedroom units. John Barker from Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The second property is Sherwood Way Shopping Center, a 30,247-square-foot strip center located at 3329 Sherwood Way in San Angelo. The center is shadow-anchored by H-E-B and occupancy was 92 percent at the time of closing. The buyer, a private investor, was represented by Chad Knibbe from National Retail Group of Marcus & Millichap.
PHOENIX — A joint venture between Orion/Robson Opportunity Partners LLC and a Canadian-based private investment firm has acquired the remaining unsold condominiums at Citi on Camelback in Phoenix. Located at 909 E. Camelback Rd., the 178 units sold for an undisclosed price. Built in 2002, Citi on Camelback consists of 30 units and offers numerous amenities. Robert Rizzi of New York-based Broad Street Advisors arranged the equity for the acquisition.
LOS ANGELES — Hye Y. Park of Los Angeles has purchased Normandie Apartments, a multifamily complex located at 247 S. Normandie in Los Angeles. The 36-unit community sold for $4.55 million or $178 per square foot. June Mock of Los Angeles-based Rosano Partners represented the buyer; Ed Fischer of Hendricks & Partners represented the seller, Los Angeles-based 247 Normandie LLC, in the transaction.
BOCA RATON, FLA. — A private Canadian buyer has purchased the 360-unit Arbor Oaks at Boca Raton from an undisclosed institutional investor for $40 million. The property, which is 91 percent occupied, is located at 9817 Arbor Oaks Lane in Boca Raton. Amenities include a business center, a clubhouse and a heated swimming pool. Avery Klann, Hampton Beebe and Richard Donnellan of Apartment Realty Advisors’ Boca Raton office represented the seller.
PRATTVILLE, ALA. — The Montgomery, Ala.-based firms HomeCorp and Alfa Properties have broken ground on the first phase of the 439-unit The Park Apartment Homes. More than 250 apartments will be built as part of the first phase. The property is spread across 34 acres on Legends Drive in Prattville and sits in a planned 2 million-square-foot retail development. Complex amenities include a clubhouse, a fitness center and a pool. The Park is scheduled for delivery in August.
AUSTIN, TEXAS — The Dallas regional office of NorthMarq Capital has arranged $2.5 million in first-mortgage financing for The Oaks Apartments, a 100-unit multifamily property located in Austin. The loan carries a 4-year term and a 30-year amortization schedule. David Mott of NorthMarq arranged the financing on behalf of the undisclosed borrower through a correspondent life insurance company.
LONG BEACH, CALIF. — Holliday Fenoglio Fowler’s (HFF) Los Angeles office has secured a $6.4 million loan for Esther Ridge Apartments in Long Beach. Located at 630-800 E. Esther Ave., the 78-unit multifamily property features 20 one-bedroom/one-bath units, 40 two-bedroom/one-bath units, eight two-bedroom/two-bath units and 10 three-bedroom/one-bath units. The borrower is Westland Industries Group, a Long Beach-based diversified real estate development and management organization. Wachovia’s Multifamily Capital provided financing for the loan.
ROSEMONT, ILL. – McShane Construction Company has completed the first of two phases of the Senior Star at Weber Place in Romeoville, Ill. The first phase is a two-story, 44,354-square-foot facility with 77 Memory Care apartments that are designed to support patients with Alzheimer’s disease and other forms of dementia. A second phase of 360,720 square feet will open in January 2010. Senior Star at Weber Place is located at 600 and 605 S. Edward Dr. and is owned by Senior Star Living.